Elliott wave weekend review.
U.S CRUDE OIL
Crude oil took a nose dive today to signal that the final high is in for wave 'C' and wave (2).
The price has broken initial support level at 63.00.
This is a good start to creating a bearish signal off the high next week.
I want to see five waves down in wave (i),
followed by a corrective lower high in wave (ii).
If we get this signal,
that should confirm that wave (3) down has begun.
And the bearish potential for wave (3) is significant.
With the minimum target for wave (3) at 31.00,
this is where wave (1) and (3) reach equality.
Lets see if we get a clear bearish impulse wave next week to set us up for a decline in wave '1' of (3).